Mountain Lake Arranges Private Placement Financing with Sprott Asset Management Proceeds of $2,015,000 to be raised to continue the Company�s exploration and development work on its gold projects in Newfoundland Halifax, Nova Scotia, August 31, 2011 � Mountain Lake Resources Inc. (TSX-V: MOA) (�Mountain Lake� or the �Company�)is pleased to report that it has arranged a private placement with Sprott Asset Management LP of 3,100,000 units (collectively, the �Units�) at $0.65 per Unit to raise $2,015,000 in gross proceeds. Each Unit will consist of one common share and one-half of a transferable share purchase warrant (collectively, the �Warrants�). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.80 per share for a period of two years from the closing date.
Completion of this financing is subject to TSX Venture Exchange�s acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.
The proceeds of this financing will be used to fund the Company�s exploration and development work on its projects in Newfoundland, Canada, and for general working capital purposes.
�The investment backing of Sprott Asset Management and other institutional investors has enabled Mountain Lake to maintain a path to growth over the years, and we are particularly pleased to receive another round of financing from a group of Sprott managed funds in the midst of this current period of market volatility,� said President and CEO of Mountain Lake Gary Woods. �It is an endorsement of the potential of our projects and the progress being made on our Valentine Lake Joint Venture. The vision of leaders in the investment community is as important as the vision of any geotechnical team to insure a project matures from exploration through development to production.�
About Mountain Lake Resources Inc.Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties all located on the pro-mining island of Newfoundland. Mountain Lake�s current projects include: a 50% interest in the Valentine Lake gold property (drilling in progress) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling in progress); an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby�s Pond base metals property. For more information visit:
www.mountain-lake.comFor corporate, media, or investor inquiries, please contact:
Greg Lytle
Corporate Communications Manager
Mountain Lake Resources
N. America toll-free: (866) 285-5817
Int�l. & Vancouver: (604) 839-6946
Email:
info@mountain-lake.comON BEHALF OF THE BOARD OF DIRECTORS
s/�Gary Woods�President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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Lytle & Associates 1850 Comox St., Suite 2401 Vancouver, BC V6G 1R3 Canada
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Sprott Resources Corp.
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EXPLORATION STAGE |
CODE : SCP.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sprott Resources is based in Canada. Sprott Resources holds various exploration projects in Chile. Its main exploration properties are GOLD COIN, PRODUCTORA, DRAGOON - NEW MEXICO and MONITOR in Chile. Sprott Resources is listed in Canada. Its market capitalisation is CA$ 58.0 millions as of today (US$ 44.3 millions, € 41.6 millions). Its stock quote reached its highest recent level on October 25, 1996 at CA$ 96.38, and its lowest recent point on January 29, 2016 at CA$ 0.36. Sprott Resources has 96 670 000 shares outstanding. |